Affordable Housing In Montgomery County
Kentucky
Affordable Housing programs support 327 income based apartments in Montgomery County where households pay rent based on how much they earn.
There are 120 affordable apartments in Montgomery County that offer reduced rents to low-income households.
Waiting Lists in Montgomery County, Kentucky
There are no open Section 8 Housing Choice Voucher waiting lists in Montgomery County. Go to the Kentucky Section 8 Waiting Lists page for openings near Montgomery County.
Sterling Oaks
- «
- 1
- »
Affordable Housing In Montgomery County
View affordable apartments and waiting lists in cities near Montgomery County
| City | Apartments |
|---|---|
| Affordable Housing In Jeffersonville, KY | Affordable Housing programs support 1 apartment communities in Jeffersonville. |
| Affordable Housing In Mount Sterling, KY | Affordable Housing programs support 7 apartment communities in Mount Sterling. |
Public Housing Agencies Serving Montgomery County, Kentucky
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Kentucky Housing Corporation | Section 8 Housing Choice Voucher (HCV) |
Montgomery County, Kentucky Affordable Housing Data
Income Based Apartments in Montgomery County, Kentucky
Montgomery County features 327 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Montgomery County, Kentucky
There are 120 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Montgomery County.
Housing Choice Vouchers in Montgomery County, Kentucky
On average, Section 8 Housing Choice vouchers pay Montgomery County landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Montgomery County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Montgomery County, Kentucky for a two-bedroom apartment is between $672 and $822.
2023 Montgomery County, Kentucky Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Montgomery County, Kentucky Fair Market Rent | $542 | $619 | $747 | $1,062 | $1,100 |
| Montgomery County, Kentucky Payment Standard Range | $488 to $596 | $557 to $681 | $672 to $822 | $956 to $1,168 | $990 to $1,210 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Montgomery County, KY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 8 |
|---|---|
| Total Low Income Apartments | 447 |
| Total Housing Units with Rental Assistance | 327 |
| Percentage of Housing Units Occupied By Renters | 35.44% |
| Average Renter Household Size | 2.75 |
| Average Household Size | 2.61 |
| Median Household Income | $39,275 ±$3,473 |
| Median Rent | $646 ±$21 |
| Percentage Of Renters Overburdened | 35.96% ± 5.73pp |
| Total Population | 27,167 |
Population and Household Demographics
Montgomery County is a county in Kentucky with a population of 27,167. There are 10,248 households in the county with an average household size of 2.61 persons. 35.44% of households in Montgomery County are renters.
Income and Rent Overburden in Montgomery County
The median gross income for households in Montgomery County is $39,275 a year, or $3,273 a month. The median rent for the county is $646 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Montgomery County, a household making less than $2,153 a month would be considered overburdened when renting an apartment at or above the median rent. 35.96% of households who rent are overburdened in Montgomery County.
Area Median Income In Montgomery County
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
In Montgomery County, HUD calculates the Area Median Income for a family of four as $64,800
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Montgomery County
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Montgomery County
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Montgomery County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$13,590 | $18,310 | $23,030 | $27,750 | $32,470 | $35,700 | $38,150 | $40,600 |
| 50% AMI Income Limits Renters earning up to 50% of the Montgomery County AMI may qualify for rental assistance programs that target Very Low Income households. |
$21,550 | $24,600 | $27,700 | $30,750 | $33,250 | $35,700 | $38,150 | $40,600 |
| 80% AMI Income Limits Renters earning up to 80% of the Montgomery County AMI may qualify for rental assistance programs that target Low Income households. |
$34,450 | $39,400 | $44,300 | $49,200 | $53,150 | $57,100 | $61,050 | $64,950 |
© 2002-2022 ApartmentSmart.com, Inc.
Affordable Housing Online is not affiliated with any housing authority or apartment community, and does not manage any affordable housing programs.
